When you are behind on
mortgage payments, or simply want to get better terms, seeking to refinance is
a good option. A refinance can result in a lower interest rate, a longer
repayment term, and/or curing any arrearage on the note. These things all work
together to get you a lower and more manageable mortgage payment, which is a good
outcome for any homeowner. But you may be wondering if your current mortgage
lender is the best place to go for a refinance, of if you should give a
competitor a try.
When making the decision
to refinance with your current lender, or find a new one, here are some
important things to keep in mind:
•
Your current lender will have
access to all of your data, and may not require you to fill out lengthy
refinance application. Some lenders are able to use a “short form” application
when it is their current customer who is seeking to refinance.
•
Your current lender may want
to keep you as a customer, because even with a reduced interest rate the bank
will make a profit. This can play into your hand when negotiating a new rate,
especially if you advise the lender that another bank is making you a better
offer.
•
You already have an
established relationship with your current lender, and this might make it
easier to work your way through what can be a maze of document requests.
There is nothing wrong with shopping
around, and the key is to find the option that meets your needs the best. This
might mean staying put with your current lender, or it could mean it is time to
start fresh with someone new. In any event, you will need competent help by
your side, and we are happy to take on your case. We will explore your options
and help you make a choice that makes sense, and one that can help you stave
off a foreclosure or the need to file bankruptcy. Let us put our experience to work for you, so you can get your
budget on track and save money where possible.
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